Stor-Age Property REIT today announced the terms of the acquisition of Storage RSA. The company has also made progress in its proposed acquisition of Units 1-4 Somerset West Business Park.
Implementation of the Storage RSA Transaction will provide Stor-Age with the ability to increase its trading portfolio through the acquisition of an additional 39 869m2 of gross lettable area from five trading stores, together with access to a development opportunity in Bryanston, in respect of which town planning approvals are already in place.
The Somerset West Transaction will provide Stor-Age with an additional trading store, operated under the Storage RSA brand name (under license from Storage RSA), with a gross lettable area of 5 500m2. It is expected that the Somerset West Transaction will be effective on 1 February 2017